| Highlights of Maharashtra Budget 2010-11 and text of Budget Speech Posted: 26 Mar 2010 08:58 PM PDT This Financial Year began on the backdrop of economic recession. Lower tax receipts were expected due to global recession. Even the Central Government had reduced its target of tax receipts. Considering this situation, the tax receipt target for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Urban Development Ministry will ask for review of service tax on real estate Posted: 26 Mar 2010 08:07 PM PDT The Urban Development Minister, Mr Jaipal Reddy, will soon take up with the Finance Ministry, the contentious issue of service tax imposition in the real estate sector proposed in the Budget. This assumes significance as the service tax imposition... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Penalty for concealment of income u/s. 271(1)(c) can be imposed only if the concealment is proved : SC Posted: 26 Mar 2010 07:59 PM PDT In a judgement that will clear the air on the tricky issue of the income-tax department's power to levy penalties on assessees, the Supreme Court has held that a penalty cannot be levied merely because the I-T authorities and taxpayers hold... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Subsequent to amendment in section 56 of the Income Tax Act, 1961, Purchase of Rights issues, preferential allotments by companies to you may land you in tax net Posted: 26 Mar 2010 07:55 PM PDT Parts of the new tax provision came into effect from October 1, '09, though subsequently the scope was extended in this year's budget. But if the government does not spell out the details, it can lead to endless litigation. "For instance, `fair... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Shri Salman Khurshid launches the Hindi Website of 'Investor Education and Protection Fund' and of the Ministry of Corporate Affairs Posted: 26 Mar 2010 07:44 PM PDT Shri Salman Khurshid, Minister for Corporate Affairs, here today launched the Hindi website of Investor Education and Protection Fund (IEPF), which is being administered by the Ministry of Corporate Affairs. The address of the website is:... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Recovery of drawback amount on the portion of the FOB value of export not realized by the exporter but compensated by ECGC Posted: 26 Mar 2010 07:34 PM PDT Section 75 of the Customs Act provides that where any drawback has been allowed on any goods and the sale proceeds in respect of such goods are not realized within the time allowed under the Foreign Exchange Management Act, 1999 such drawback shall... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Custom notification No. 39/2010, imposing Anti-Dumping duty on imports made from China Posted: 26 Mar 2010 07:28 PM PDT the subject goods have entered the Indian market from the subject country at prices less than their normal values in the domestic market of the exporting country;b) the dumping margins of the subject goods imported from the subject country are... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Custom notification No. 37/2010, imposing Anti-Dumping duty on imports made from China Posted: 26 Mar 2010 07:24 PM PDT For the purposes of this notification, rate of exchange applicable for the purposes of calculation of such anti-dumping duty shall be the rate which is specified in the notification of the Government of India, in the Ministry of Finance (Department... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Notification imposing Anti-Dumping duty on export made to India by M/s. Kodak (China PR) Graphic Communications Company Ltd. Posted: 26 Mar 2010 07:20 PM PDT In case of recommendation of anti-dumping duty after completion of the said review by the designated authority, the importer shall be liable to pay the amount of such anti-dumping duty recommended on review and imposed on all imports into India of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Customs Notification No 25/2010 (NT), Appointing Common Adjudicating Authority in the case of M/s Uttam Trading Company Posted: 26 Mar 2010 07:07 PM PDT to exercise the powers and discharge the duties conferred or imposed on the Deputy Commissioner of Custom (Imports) / Assistant Commissioner of Customs, Inland Container Depot, Tughlakabad, New Delhi for the purpose of adjudicating the matters... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Customs Notification No 24/2010 (NT), Appointing Common Adjudicating Authority in the case of M/s J. Universal Impex Posted: 26 Mar 2010 07:02 PM PDT for the purpose of adjudicating the matters relating to show cause notice pertaining to M/s J. Universal Impex, Jodhpur and others, issued vide, F.No. 840/DRI/JPR/19-XVI/2009/Pt./1791, dated the 18th December, 2009, by the Additional Director... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Customs Notification No 23/2010 (NT), Appointing Common Adjudicating Authority in the case of M/s Metro Impex Posted: 26 Mar 2010 07:00 PM PDT for the purpose of adjudicating the matters relating to show cause notice pertaining to M/s Metro Impex, New Delhi and others, issued vide, DRI F.No. 23/48/2006-DZU, dated the 25th March, 2008, by the Additional Director General, Directorate General... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Customs Notification No 22/2010 (NT), Appointing Common Adjudicating Authority in the case of M/s Liberty Industries Posted: 26 Mar 2010 06:59 PM PDT common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on the Additional / Joint Commissioner of Customs, Inland Container Depot, Tughlakabad, New Delhi for the purpose of adjudicating the matters relating... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Customs Notification No 21/2010 (NT), Appointing Common Adjudicating Authority in the case of M/s. Bhambri Printing Press Posted: 26 Mar 2010 06:55 PM PDT In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs, Inland Container Depot,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Acceptance of cash payments (in Foreign Currency Notes), for the purpose of fulfillment of export obligation (EO) by Service Providers under EPCG Scheme; as well as for eligibility for SFIS scrips Posted: 26 Mar 2010 06:50 PM PDT Representations have been received from Regional Authorities and Service Providers seeking clarification as to the guidelines for issuance of EPCG Authorization in cases where the Service Provider receives Foreign Exchange in cash from foreign... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| DGFT notification on Exemption in Prohibition on export of Pulses Posted: 26 Mar 2010 06:46 PM PDT In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Press Note-Government revises policy relating to foreign investment requiring government approval Posted: 26 Mar 2010 06:43 PM PDT Presently, the recommendations of the FIPB on these proposals with total investment up to Rs.600 crore are considered by the Finance Minister and those exceeding this amount, by the Cabinet Committee on Economic Affairs (CCEA). Prior to 18.2.2003,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Know your Customer (KYC) guidelines – accounts of proprietary concerns Posted: 26 Mar 2010 05:56 PM PDT It has been advised to banks that internal guidelines for customer identification procedure of legal entities may be framed by them based on their experience of dealing with such entities, normal bankers' prudence and the legal requirements as per... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Guidelines on Stripping/Reconstitution of Government Securities Posted: 26 Mar 2010 05:53 PM PDT STRIPS in Government Securities will ensure availability of sovereign zero coupon bonds, which will lead to the development of a market determined zero coupon yield curve (ZCYC). STRIPS will also provide institutional investors with an additional... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Priority Sector Lending – Categorisation of activities under Service under the MSMED Act, 2006 Posted: 26 Mar 2010 05:49 PM PDT [original cost excluding land and building and the items specified by the Ministry of Small Scale Industries vide its notification no. S.O. 1722 (E) dated October 5, 2006] does not exceed Rs. 5 crore in respect of manufacturing enterprises and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| CBEC decided to recover drawback money from exporters who failed to realise payments from their buyers Posted: 26 Mar 2010 05:43 PM PDT Exporters' body FIEO said on Friday it will approach the government for withdrawal of an order which sought recovery of duty drawback credits from those who failed to realise payments from their buyers.Reversing a concession given by the commerce... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| New Companies Act expected in next 4 months Posted: 26 Mar 2010 05:36 PM PDT "The new Companies Act is already placed on the table of the House. A committee has been constituted ... We are very hopeful that within 3-4 months we will have a new Companies Act," Ministry of Corporate Affairs Secretary, R Bandyopadhyay, said at... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2009-10) Posted: 26 Mar 2010 05:29 PM PDT With a view to facilitating accounting of all the Government transactions of the current financial year (2009-10) by March 31, 2010 and meeting the probable rush of tax-payers towards the end of the year, it has been decided, in consultation with... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| After financial crisis now turn for currency crisis Posted: 26 Mar 2010 05:26 PM PDT "The next biggest problem may be a currency crisis. It is a possibility that the next crisis awaiting the world is a currency crisis," renowned currency expert and Non-Executive Director of Elara Capital, Avinash Persaud, told PTI here. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Expert group submitted report to Government on end use of IPO money Posted: 26 Mar 2010 05:23 PM PDT The government today said it is looking into the report submitted by the expert group set up to suggest steps for monitoring the end-use of IPO funds and would take appropriate action to prevent misuse of IPO money."The report (of expert group) has... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Government may allow banks and financial institutions to issue long-term tax-free bonds Posted: 26 Mar 2010 05:20 PM PDT The government today said it is planning to allow banks and financial institutions to issue long-term tax-free bonds specifically to fund the crucial infrastructure sector requirements. "What has been proposed is that there will be financial... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Meghalaya increased Vat from 4% to 5% on all items except wheat and rice, Posted: 26 Mar 2010 05:18 PM PDT The Meghalaya budget 2010-11, presented in the Assembly today, proposed to hike the VAT rate on all items, barring wheat and rice, from four per cent to five per cent. Presenting the budget, Finance Minister Mukul Sangma proposed to raise the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| In absence of completion certificate, outside agency certificate will be sufficient to claim exemption from service tax on property Posted: 26 Mar 2010 09:21 AM PDT Home buyers and property developers need not worry about being levied a service tax if they cannot procure a completion certificate from the local authority. The government could allow some independent authority to certify that the property is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Vat Exemption on food grain in Maharashtra will continue for one more year Posted: 26 Mar 2010 09:12 AM PDT The Maharashtra budget on Thursday proposed to extend VAT exemptions on food articles like rice, wheat and pulses among others for one more year to help control price rise.Finance Minister Sunil Tatkare while presenting the budget for 2010-11 in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget speech – Delhi budget for 2010-11 Posted: 26 Mar 2010 09:05 AM PDT VAT rates of various commodities in Delhi, which are less than the rates suggested by the Empowered Committee of State Finance Ministers, are termed as deviations. A number of deviations have been done in the past. On account of these deviations we... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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